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Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019. NEW DELHI/NOIDA: The National Company Law Appellate Tribunal (NCLAT) has set aside a liquidation order against Lotus City, a housing project on the Yamuna Expressway, and directed the NCLT to consider the resolution plan afresh. Lotus City, which 3C Homes Pvt Ltd was implementing, went into insolvency on September 6, 2019. The project was launched as far back as 2012. Throughout the corporate insolvency resolution process (CIRP), only one resolution applicant, Ace Infrastructure, filed a revival plan for Lotus City. The committee of creditors approved it with a 62.9% vote share, which was considered 100% in favour of the resolution plan in line with the provisions of the Insolvency and Bankruptcy Code. However, the NCLT rejected the resolution plan and ordered a liquidation. It argued that the liquidation value of the project at Rs 480 crore was much higher than the Rs 95 crore requi

India generalPiyush singhKumar jainBarun kumar sinhaAshok kumar mishraAjay chaudharyGaurav katiyarAmit tyagiFace groupLotus city plot buyers welfare associationLotus city plot buyer welfare associationNational company law appellate tribunalC homes pvt ltdLotus cityYamuna expresswayHomes pvt ltd